CIBC Asset Management Inc Reduces Stock Position in Sun Life Financial Inc. $SLF

CIBC Asset Management Inc cut its holdings in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 60.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,345,239 shares of the financial services provider’s stock after selling 2,085,878 shares during the quarter. CIBC Asset Management Inc’s holdings in Sun Life Financial were worth $84,042,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of SLF. Norges Bank purchased a new stake in Sun Life Financial during the 4th quarter worth approximately $398,037,000. Intact Investment Management Inc. increased its position in shares of Sun Life Financial by 58.3% in the 4th quarter. Intact Investment Management Inc. now owns 2,012,083 shares of the financial services provider’s stock worth $125,598,000 after purchasing an additional 741,136 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Sun Life Financial by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 25,884,084 shares of the financial services provider’s stock worth $1,615,788,000 after purchasing an additional 534,772 shares during the last quarter. Kepler Cheuvreux Suisse SA bought a new stake in shares of Sun Life Financial in the 3rd quarter worth about $27,570,000. Finally, Legal & General Group Plc increased its position in shares of Sun Life Financial by 10.6% in the 3rd quarter. Legal & General Group Plc now owns 3,859,614 shares of the financial services provider’s stock worth $231,816,000 after purchasing an additional 371,139 shares during the last quarter. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SLF has been the subject of several research analyst reports. TD Cowen reissued a “buy” rating on shares of Sun Life Financial in a research report on Thursday, May 7th. BMO Capital Markets reissued an “outperform” rating on shares of Sun Life Financial in a research report on Friday, May 8th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Sun Life Financial in a research report on Friday, May 8th. Evercore reiterated an “outperform” rating on shares of Sun Life Financial in a report on Thursday, February 19th. Finally, National Bank Financial upgraded Sun Life Financial from a “sector perform” rating to an “outperform” rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $86.50.

Sun Life Financial Stock Up 2.3%

Shares of NYSE:SLF opened at $72.66 on Wednesday. Sun Life Financial Inc. has a fifty-two week low of $56.22 and a fifty-two week high of $74.16. The firm has a 50-day simple moving average of $68.63 and a 200 day simple moving average of $64.69. The company has a market cap of $40.26 billion, a PE ratio of 18.73 and a beta of 0.89.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.03. Sun Life Financial had a net margin of 7.85% and a return on equity of 17.80%. The business had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $925.99 million. During the same quarter in the prior year, the firm earned $1.82 EPS. As a group, research analysts forecast that Sun Life Financial Inc. will post 5.74 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Wednesday, May 27th will be paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date is Wednesday, May 27th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.92. Sun Life Financial’s dividend payout ratio (DPR) is currently 72.94%.

Sun Life Financial Profile

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.